during a companys first year of operations, the asset account

Submit Help Save & Exit During a company's first year of operations, the asset account, Office Supplies, was debited for $3,400 for the purchases of supplies. At year end, a physical count of the supplies on hand revealed that $1,375 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? Multiple Choice C ) Expenses will increase and assets wil decrease by $2.025 Assets and expenses will both increase by $1375 The related adjusting entry has no effect on net income or the accounting equation Expenses and assets will both increase by $2.025. Green Company sold merchandise Inventory under terms FOB destination. How would recognizing the freight costs which were paid in cash affect Green's accounts? (Select all that apply.) Check all that apply. Check all that apply. The Cash account will not be affected. The Inventory account will decrease. The Cash account will decrease. The Cash account will increase The Inventory account will not be affected. The Inventory account will increase. Do you know the answer? No idea Unsure Think so I know it